Halibut Market By Category (Pacific Halibut, Atlantic Halibut, California Halibut, Alaska Halibut), By Distribution Channel (Store Based, Non-Stored Based), By End User (Restaurants, Personal) & By Regions - Global Market Insights 2022-2032
Analysis of Halibut Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Halibut Market Outlook (2022-2032)
Halibut is one of the largest flatfish available in the ocean. The meat of halibut fish is preferred for keeping the heart healthy as its rich in selenium, magnesium, and omega three fatty acids. Niacin obtained from this fish is effective in promoting a healthy heart and reducing the risk of cardiovascular illness. These vitamins are also promising in protecting the skin from harmful sun rays. These medical benefits of consumption are likely to continue demand in this market in the forecast period.
The decline in prices of this fish breed is an instantaneous reason for the rise in demand. The global industry is likely to gain attention as there is a rise in universal cuisines and overall sales growth in the upcoming future. This fish holds dampness even in solid forms and remain firm after cooking. The bones are effortlessly spotted which makes consumption easier. The market is expected to cross the valuation of USD 250 Million by end of 2031.
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What is driving demand for halibut fish consumption?
The development of the halibut market can be attributed to changes in the food ingestion pattern of individuals around the world. Additionally, easy accessibility of the product over several sales channels and the expansion of retail shops make it convenient for consumers to buy packaged fish products, which drives the sales figures.
Currently, fish is an utter requirement to meet universal food demand and supply. This industry provides disease-free and high-quality fish by nurturing them in an environment that alights hygiene standards. Halibut’s activity is also exploited by industries to preserve species that are on the edge of extermination.
What is deterring market growth?
It has also witnessed different phases with its attention and relative elegantly with respect to the varying guidelines and stipends characterized by the organizational groups in separate regions. The growth is forestalling uncertainties in guidelines and cost, which are relied upon to mark the interest for halibut fish worldwide. The transmittal strategies acknowledged with them are the main contemplations disturbing this situation.
The halibut development variations in prices and conventions are estimated to affect the demand for fish on a global level. The halibut allowance and catch conventions related to them are the foremost aspects impelling this scenario. Even though the fluctuations and rolling charges, the Alaskan type of halibut are found mostly on the menu of leading restaurants, although the demand for Pacific one is rising in the menu of seafood restaurants.
However, growth in the severe law executed against sea animals brutality and the adoption of veganism act as the major manacles in global consumption. On the contrary, growth in popularity-rich protein diets is supposed to open avenues for global growth.
The deterioration of total allowable catch (TAC) and rising prices for halibut in the earlier years were hindering the evolution of the overall shares, which is now becoming established compared to the past situations.
Factors, like augmented import of palatable seafood, increasing consumer spending on various seafood dishes like halibut fish, high per capita depletion, robust diffusion of structured retail, along with food service industry are some of the key aspects behind the evolution of the factors studied.
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Segment wise Insights
Among all types of halibuts, the Alaskan halibuts are found on the menus of major restaurants. As a reason, Alaskan halibuts are dominant in terms of sales. The sales are driven by the youth who are keenly looking for meat substitutes which are set to foster the demand even in the forecast period. The rising demand for precise species of fish will create a grip on sales leading to open growth opportunities for Alaskan halibuts.
Whereas, increasing conservational anxieties, rapid depletion of Alaskan fish stocks, and compounding health problems related to moderate meat consumption have proved to be key development accelerators for the sales of Alaskan fish.
Strong R&D ingenuities commenced by crucial food & beverage goliaths are bringing Alaskan fish into the broader culinary limelight. Besides introducing a variety of new product lines, key players are aggressively undertaking sales and marketing elevation movements, permitting them to reach a broader target audience. Voyages are estimated to rise across developing countries, as animal sensitization leanings dictate consumer food preferences.
Alaskan fishes hold maximum shares globally as compared to other fishes. It is extremely thick meat, mellow, and lean fish with fine-grained, that dehydrates whenever overcooked. It grasps together well, and bones are naturally dappled.
Eventually, key players are pushing efforts for creating a balance between selling Alaskan fish and sustaining the price as well as the profitability by pointing towards the seafood industry. However, ascribing to the stiffness of Alaskan fish, the requirement is expected to witness moderate growth in the near future. Restaurants are a major end-user segment in the halibut market due to the high volume of fish requirements on daily basis. The market is still dominated by store-based sales of fish.
North America is one of the major importers & distributors of seafood by value. Furthermore, as per US commercial seafood and fisheries industry, around 80% of total catch seafood, i.e., frozen and fresh halibuts are expended as a portion of human food, which demonstrates that there’s a momentous demand for seafood across the region. The halibut is gaining more constancy owing to the increase in total allowable catch since the year 2018 in the Alaskan region of North America and the growing demand is ensuing in mounting prices with the rising volume of harvest.
The Asia Pacific region has been grown-up to be one of the leading markets for halibut sea foods, owing to opportunities enabled by the developed and developing countries. Moreover, in recent years, the rise in online orders from restaurants is rising at a significant rate thereby creating opportunities for hotels & restaurants to gage up their sales revenue.
Asia Pacific’s emerging countries like China and India are fetching the axes of some of the popular fish cuisines in the world. Along with this, the country has robust conventions of consuming and making authentic fish-related dishes, which can be perceived by the level of contributions across the restaurant’s menu.
The mounting demand for structured seafood services and the rising trend of home banqueting is anticipated to increase the growth of halibuts along with superior allocations, across both full-service and quick-service restaurants.
The companies in regional clusters including North America and Asia backing the local players are offering challenges to key players offering their products at complex points which in turn is ominously disturbing the overall growth rate.
Companies are opting for collaborations and expansion in terms of third parties for the distribution of fish to end consumers and restaurants. Online channels are likely to gain attention in the forecast period due to the rise in self-driven consumers.
Halibut Market : Segmentation
By Category :
- Pacific Halibut
- Atlantic Halibut
- California Halibut
- Alaska Halibut
By Distribution Channel :
- Store Based
- Non- Stored Based
By End User :
By Region :
- North America
- US & Canada
- Latin America
- Brazil, Mexico, and Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East And Africa
- GCC Countries
- Other Middle East
- South Africa
- Other Africa
- North America
- FAQs -
The market is expected to cross the valuation of USD 250 Million by end of 2031.
North America dominates sales of halibut fish due to the rise in demand for Alaskan halibut.
The meat of this fish is preferred for keeping the heart healthy as its rich in selenium, magnesium, and omega three fatty acids.
Alaskan halibut is widely popular among restaurants.
The major demand for halibut is driven by the restaurant’s segment owing to the large volume required on daily basis.